US dollar breaks losing streak against rupee

KARACHI: The US dollar on Wednesday gained value against rupee, nearly weeks after the greenback’s declining trend following Finance Minister Miftah Ismail’s snub from the top leaders of unity government including Nawaz Sharif over hiking petrol price in the country.

According to forex dealers, the dollar rose up by Rs0.09 against the rupee and traded at Rs213.99 in interbank while the banks are selling it at Rs214.50.

In open market, the US dollar is being sold between Rs213 to Rs211.

It is pertinent to mention here that PML-N Vice-President Maryam Nawaz has claimed that the party’s supremo Nawaz Sharif strongly opposed the hike in petrol price.

Taking to Twitter, Maryam Nawaz said that party supremo Nawaz Sharif had strongly opposed the decision to raise the petrol price.

“Nawaz Sharif even said that he couldn’t burden the people further and that he was not in favour of the decision,” the PML-N vice-president said, adding that the party’s supremo also left the meeting.

The US dollar continued declining trend after developments over release of a US$1.17 billion tranche from the IMF expedited.

Recently, in a major development for the release of US$1.17 billion tranche, the International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan.

According to sources privy to the development, the IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.

They said that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.